Market Coverage – Dow drops 1,000 points: Friday November 26 Yahoo Finance

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U.S. stocks slumped Friday, with global markets rattled by a new coronavirus variant discovered in South Africa, which fanned concerns that new growth-crushing lockdowns could be imposed.

Trading volumes were low due to the Thanksgiving holiday in the U.S., which could be could contributing to the volatility. However, major benchmarks fell sharply at the opening bell, indicating Wall Street was in for a rough abbreviated post-Thanksgiving session. The Dow (^DJI) plunged 800 points, or 2.5%, while S&P 500 (^GSPC) and Nasdaq (^IXIC) also fell sharply.

A new coronavirus variant has been discovered in South Africa, leading to an emergency session of the World Health Organization. Scientists say the new B.1.1.529 strain a concern, because it harbors a large number of mutations found in other variants — including the fast-spreading Delta variant that exploded over much of the summer — and it seems to be rapidly spreading.

While there’s no evidence yet, health officials are worried that the mutating variant could dilute or resist the efficacy of vaccines.

“It goes without saying that it’s still too early to say exactly how big a threat the new B.1.1.529 strain poses to the global economy,” Neil Shearing, Group Chief Economist at Capital Economics, said in a note.

Still, “the lesson from the past couple of years is that it’s the restrictions that are imposed in response to the virus – rather than the virus itself – that causes the bulk of the economic damage. So, the key question is how governments will respond in the event that the B.1.1.529 strain spreads,” Shearling wrote.

“That in turn will hinge on the extent to which it escapes the vaccines and, importantly, causes strains in national healthcare systems,” he added — underscoring that governments in the U.S. and U.K. had taken a “learn to live with the virus” approach, and thus are far less likely than other regions to impose new restrictions.

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  • pm Stff on November 26, 2021

    Yahoo Finance telling us to be “ greatful” for not being able to buy loved ones gifts this Christmas! Left wing propaganda!

  • t sambo on November 26, 2021

    To the moon is where big Pharmas belong & send all the Democrats with them- no return

  • Armando Sanchez on November 27, 2021

    Inflation is not bad . Lol heard him say that a few times . Having money makes think everyone has at least some lol

  • Gregory Scott on November 28, 2021

    Investment is one of the quickest part to financial freedom. The rich stays rich spending like the poor yet Investing the poor stays poor spending like the rich yet not investing.

  • Joe Demarco on November 30, 2021

    It's sucks that theses wall street nerds make you lose money there idiots

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